Meta Platforms, Inc. (NASDAQ:META - Free Report) - Investment analysts at Zacks Research lifted their Q3 2023 earnings per share (EPS) estimates for shares of Meta Platforms in a note issued to investors on Wednesday, August 9th. Zacks Research analyst A. Ganguly now expects that the social networking company will post earnings of $3.35 per share for the quarter, up from their previous forecast of $2.26. The consensus estimate for Meta Platforms' current full-year earnings is $13.45 per share. Zacks Research also issued estimates for Meta Platforms' Q4 2023 earnings at $3.94 EPS, FY2023 earnings at $12.71 EPS, Q1 2024 earnings at $3.29 EPS, Q2 2024 earnings at $3.84 EPS, Q3 2024 earnings at $4.24 EPS, Q4 2024 earnings at $4.78 EPS, FY2024 earnings at $16.15 EPS, Q1 2025 earnings at $3.93 EPS, Q2 2025 earnings at $4.43 EPS and FY2025 earnings at $18.37 EPS.
Several other research firms also recently weighed in on META. Bank of America boosted their target price on Meta Platforms from $350.00 to $375.00 in a report on Thursday, July 27th. Wells Fargo & Company raised Meta Platforms from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $313.00 to $389.00 in a research note on Thursday, July 27th. Barclays increased their target price on Meta Platforms from $320.00 to $410.00 and gave the stock an "overweight" rating in a research note on Thursday, July 27th. Oppenheimer increased their target price on Meta Platforms from $350.00 to $385.00 in a research note on Thursday, July 27th. Finally, Rosenblatt Securities increased their target price on Meta Platforms from $333.00 to $372.00 in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $317.93.
Check Out Our Latest Stock Report on META
Meta Platforms Trading Down 1.3 %
META opened at $301.64 on Monday. The business has a fifty day moving average price of $294.11 and a 200 day moving average price of $237.97. The stock has a market capitalization of $776.17 billion, a price-to-earnings ratio of 35.16, a PEG ratio of 0.98 and a beta of 1.22. Meta Platforms has a 12 month low of $88.09 and a 12 month high of $326.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.32 and a quick ratio of 2.32.
Insider Activity
In other news, insider Jennifer Newstead sold 722 shares of the business's stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $317.67, for a total transaction of $229,357.74. Following the completion of the transaction, the insider now directly owns 30,868 shares in the company, valued at $9,805,837.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Meta Platforms news, COO Javier Olivan sold 4,274 shares of the company's stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $239.34, for a total value of $1,022,939.16. Following the completion of the sale, the chief operating officer now directly owns 74,983 shares in the company, valued at $17,946,431.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer Newstead sold 722 shares of the company's stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $317.67, for a total value of $229,357.74. Following the completion of the sale, the insider now owns 30,868 shares of the company's stock, valued at $9,805,837.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,927 shares of company stock valued at $3,500,838. 13.75% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Meta Platforms
Institutional investors and hedge funds have recently modified their holdings of the stock. Farmers & Merchants Investments Inc. raised its stake in Meta Platforms by 1.6% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 2,060 shares of the social networking company's stock valued at $591,000 after purchasing an additional 33 shares during the period. Little House Capital LLC raised its stake in Meta Platforms by 0.5% during the 2nd quarter. Little House Capital LLC now owns 6,443 shares of the social networking company's stock valued at $1,849,000 after purchasing an additional 34 shares during the period. McLean Asset Management Corp raised its stake in Meta Platforms by 3.2% during the 2nd quarter. McLean Asset Management Corp now owns 1,127 shares of the social networking company's stock valued at $323,000 after purchasing an additional 35 shares during the period. Wells Trecaso Financial Group LLC raised its stake in Meta Platforms by 1.1% during the 2nd quarter. Wells Trecaso Financial Group LLC now owns 3,255 shares of the social networking company's stock valued at $934,000 after purchasing an additional 37 shares during the period. Finally, Norway Savings Bank raised its stake in Meta Platforms by 1.7% during the 2nd quarter. Norway Savings Bank now owns 2,331 shares of the social networking company's stock valued at $669,000 after purchasing an additional 40 shares during the period. Institutional investors and hedge funds own 62.54% of the company's stock.
Meta Platforms Company Profile
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Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.
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